Toktam🎭🎩🌲
@toktam
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Yesterday, Bitcoin surged back to nearly $89,000 as investor sentiment improved following the recovery of the S&P 500 index.
Previously, on March 2, Bitcoin had regained the $95,000 level but quickly dropped back to $82,000, reflecting a significant increase in market volatility.
Amid such unpredictable market movements, the number of Bitcoin accumulation addresses remains low unless external factors drive speculative demand. When this speculation fades, these addresses tend to shift toward selling.
Data from Glassnode indicates that Bitcoin is still stuck in a distribution phase. Its accumulation trend score has remained below 0.5 for 58 consecutive days, marking an extended period of distribution. In fact, Bitcoin is now approaching the average one-year distribution duration, aligning with previous market cycles. 6 replies
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